Scene at the signing ceremony (Photo: VNA)

HCM City (VNA) – Representatives from Ho Chi Minh City’s authorities and a Lotte Group joint venture signed a contract on the construction of the Eco Smart City in new Thu Thiem urban area on July 25.

The joint venture consists of Lotte Asset Development, Lotte Shopping, Lotte Hotel and Lotte Engineering and Construction companies.

The construction of the project, worth about 20.1 trillion VND (884.4 million USD), is expected to begin within the third quarter this year.

The contract signing took place as part of a meeting between Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong and CEO of Lotte group Shin Dong-bin. Both witnessed the signing ceremony.

Receiving CEO of the Republic of Korea conglomerate, Phong vowed to facilitate foreign investors, including Lotte, to operate in the city.

He said Lotte showed serious investment commitments when signing a pact to lease land for its Eco Smart City in the Thu Thiem urban area. The leasing price is 2 trillion VND (88 million USD).

For his part, Shin Dong-bin thanked the local authorities for the favorable conditions it has created for Lotte and called for further assistance to the Thu Thiem project.

He said his group is striving to serve the demand of Vietnamese customers and contribute to the country’s overall development.-VNA